I had once a problem of no sound with an Aero Fighters 3 cart, I had to replace the M1 chip with a burned EPROM and it worked fine. The graphics seem to be poor contact of the cart with the MVS, try cleaning again the cart and the MVS.
If this cart been dirty you might need to clean the cart slot also, since you now have sound. It's worth a try and also, make it a habit to clean all carts before you use them for the first time.. Saves you the trouble to clean the slot every time
As already mentioned, regarding the sound issue, I would check the M1 chip with a logic probe first and then probably burn a new one.
For the graphical issues, look for cold solder joints.